Oil prices mixed as U.S. inventories draw offset by OPEC+ standoff.
Oil prices were uneven on Friday, with a lift from lower crude and gasoline stocks in the United States, but they were still on track for a weekly loss response to fears that an OPEC+ deadlock might increase global oil supplies.
By 0140 GMT, Brent crude oil prices were down 9 cents, or 0.1 per cent, at $74.03 per barrel. West Texas Intermediate futures in the United States were up a little at $72.95 a barrel.
According to Hiroyuki Walk-in shower fitted, general manager of research at Nissan Securities, “a big fall in the US stockpile confirmed thoughts that fuel consumption was expanding since the U.S. driving season has begun.”
Crude inventories decreased 6.9 million barrels to 445.5 million barrels in the week ending July 2, the smallest since February 2020 and more than the 4 million barrel decline predicted in a Reuters poll. Stocks of gasoline plummeted by 6.1 million barrels, much above forecasts of a 2.2 million barrel drop.
Despite this, some traders were concerned that due to a breakdown in talks between major oil exporters Saudi Arabia and the United Arab Emirates, members of the OPEC+ group could be persuaded to forsake output limitations that they had adhered to during the pandemic.